November 17, 2017 / TheNewswire / Vancouver, BC - Apex Resources Inc. ("Apex") (TSXV: APX) is pleased to report that its Joint Venture partner, Prize Mining Corp ("Prize" or the "Company") (TSXV:PRZ), has completed its initial drilling program on the Daylight Property located near Nelson in southeastern British Columbia as announced on October 24th, 2017.
A total of 18 diamond drill holes were completed totaling 2,694.74 meters from 11 drill pad locations on 11 prospective target areas. The drill core is currently being logged and split and the Company anticipates that more than 1,700 core samples will be assayed. To date holes 1 to 6 and 8 and 9 have been sent for assaying.
The Daylight claims have four historical producing mines with reported grades as follows:
- Great Eastern Mine area with historical grades* of 37.53 g/t gold and 52.2 g/t silver (BC Minfile 082FSW172).
- Starlight Mine area with historical grades* of 28 g/t gold and 140 g/t silver (BC Minfile 082FSW174)
- the Daylight Mine area with historical grades* of 27 g/t gold and 15 g/t silver (BC Minfile 082FSW175)
- Victoria Mine area with grades* reported of 28.9 g/t silver, 2.56% copper (BC Minfile 082FSW173)
*NOTE: historic mining took place in the early 1900s and reported grades cannot be verified. It can be assumed that some hand sorting of ore took place.
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Feisal Somji, Prize's Chief Executive Officer, commented "We are excited to have completed our Daylight Property drill program and eagerly await our assay results.
Jarrod Brown, P.Geo., with Terralogic Exploration Inc. of Cranbrook, BC is overseeing the Daylight exploration programs. Diamond drilling was carried out by Lucky Drilling Ltd. of Castlegar, BC. As a 3rd party contractor, Terralogic personnel maintained a rigorous and independent QA/QC program throughout the duration of the Daylight drilling and trenching program. Sample chain-of-custody was instituted with analysis being completed by Bureau Veritas, in Vancouver BC. Analytical packages utilized include a strong acid ICP analysis (MA250) and gold fire-assay analysis on a large 50g split (FA450). Gravimetric analysis (FA550) will be carried out on any over detection gold assays greater than 10 g/t. Bureau Veritas is wholly independent of Prize Mining, Apex Resources and TerraLogic and is accredited under CAN-P-4E (ISO/IEC 17025): General Requirements for the Competence of Testing and Calibration Laboratories ISO/IEC 17025-2005.
Jarrod Brown, P.Geo., is a Qualified Person under NI 43-101 and has reviewed and approved the scientific and technical information in this news release.
Prize Mining Corp has an option to acquire an 80% interest in Apex's Kena and Daylight properties. To exercise its option and earn its 80% interest in the project, Prize will make annual cash and share option payments over 36 months totally $1,250,000 and issue 1,500,000 shares and complete $3,000,000 in Kena Project related exploration expenditures over four years.
